Eos Energy Enterprises (NASDAQ:EOSE) Shares Gap Down - Should You Sell?

Eos Energy Enterprises, Inc. (NASDAQ:EOSE - Get Free Report) gapped down prior to trading on Thursday . The stock had previously closed at $5.93, but opened at $5.76. Eos Energy Enterprises shares last traded at $5.85, with a volume of 1,732,404 shares trading hands.

Analyst Ratings Changes

Several research analysts have recently commented on EOSE shares. Guggenheim restated a "buy" rating and set a $7.00 price target on shares of Eos Energy Enterprises in a research note on Tuesday, March 18th. Cowen reiterated a "hold" rating on shares of Eos Energy Enterprises in a research note on Friday, March 7th. Roth Mkm downgraded Eos Energy Enterprises from a "buy" rating to a "neutral" rating and raised their price objective for the company from $4.00 to $5.00 in a research note on Thursday, February 20th. Finally, Roth Capital lowered Eos Energy Enterprises from a "strong-buy" rating to a "hold" rating in a report on Thursday, February 20th. Four analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $6.00.

Eos Energy Enterprises Stock Performance

The stock's 50-day simple moving average is $4.87 and its two-hundred day simple moving average is $4.48. The stock has a market cap of $1.33 billion, a price-to-earnings ratio of -2.43 and a beta of 2.11.

Eos Energy Enterprises (NASDAQ:EOSE - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The company reported ($0.20) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($0.01). The company had revenue of $10.46 million during the quarter, compared to analyst estimates of $11.77 million. As a group, research analysts predict that Eos Energy Enterprises, Inc. will post -2.54 earnings per share for the current year.

Insider Activity

In related news, CAO Sumeet Puri sold 36,173 shares of Eos Energy Enterprises stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $6.86, for a total transaction of $248,146.78. Following the sale, the chief accounting officer now directly owns 95,624 shares of the company's stock, valued at $655,980.64. This trade represents a 27.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Joe Mastrangelo sold 270,384 shares of the company's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $6.86, for a total value of $1,854,834.24. Following the completion of the transaction, the chief executive officer now directly owns 1,109,409 shares of the company's stock, valued at approximately $7,610,545.74. This trade represents a 19.60% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 560,356 shares of company stock valued at $3,844,042. 3.63% of the stock is owned by company insiders.

Institutional Trading of Eos Energy Enterprises

Several institutional investors have recently modified their holdings of the company. Arizona State Retirement System bought a new position in Eos Energy Enterprises in the fourth quarter worth $305,000. FourThought Financial Partners LLC acquired a new position in shares of Eos Energy Enterprises in the 4th quarter valued at $1,335,000. Raymond James Financial Inc. bought a new position in shares of Eos Energy Enterprises during the 4th quarter worth about $315,000. Swiss National Bank acquired a new stake in shares of Eos Energy Enterprises during the 4th quarter valued at about $2,071,000. Finally, Barings LLC boosted its position in shares of Eos Energy Enterprises by 100.5% during the 4th quarter. Barings LLC now owns 2,403,448 shares of the company's stock valued at $11,681,000 after acquiring an additional 1,204,430 shares in the last quarter. Institutional investors and hedge funds own 54.87% of the company's stock.

About Eos Energy Enterprises

Eos Energy Enterprises, Inc designs, manufactures, and markets zinc-based energy storage solutions for utility-scale, microgrid, and commercial and industrial (C&I) applications in the United States. The company offers Znyth technology battery energy storage system (BESS), which provides the operating flexibility to manage increased grid complexity and price volatility.

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